Gildan Activewear (NYSE:GIL) Given New $62.00 Price Target at Scotiabank

Gildan Activewear (NYSE:GIL) (TSE:GIL) had its price objective raised by Scotiabank from $59.00 to $62.00 in a research report report published on Thursday morning, Marketbeat Ratings reports. The firm currently has a sector outperform rating on the textile maker’s stock.

Other analysts have also recently issued research reports about the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Gildan Activewear in a research note on Thursday. Barclays increased their price target on shares of Gildan Activewear from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Cfra Research upgraded shares of Gildan Activewear to a “hold” rating in a research note on Monday, August 4th. TD Securities increased their price target on shares of Gildan Activewear from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 30th. Finally, Royal Bank Of Canada began coverage on shares of Gildan Activewear in a research note on Tuesday, August 5th. They set an “outperform” rating and a $61.00 price target for the company. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Gildan Activewear currently has a consensus rating of “Moderate Buy” and an average price target of $64.58.

Gildan Activewear Trading Up 2.2%

Shares of Gildan Activewear stock opened at $56.16 on Thursday. The company has a fifty day simple moving average of $50.30 and a 200-day simple moving average of $48.39. Gildan Activewear has a 12-month low of $37.16 and a 12-month high of $57.76. The company has a current ratio of 3.87, a quick ratio of 1.67 and a debt-to-equity ratio of 1.37. The stock has a market cap of $8.38 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 1.76 and a beta of 1.17.

Gildan Activewear (NYSE:GIL) (TSE:GIL) last issued its quarterly earnings results on Thursday, July 31st. The textile maker reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The firm had revenue of $918.50 million during the quarter, compared to analysts’ expectations of $908.41 million. Gildan Activewear had a net margin of 14.55% and a return on equity of 34.31%. Gildan Activewear’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 EPS. On average, equities analysts forecast that Gildan Activewear will post 3.48 EPS for the current fiscal year.

Gildan Activewear Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Thursday, August 21st will be issued a $0.226 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Thursday, August 21st. Gildan Activewear’s dividend payout ratio (DPR) is currently 28.57%.

Hedge Funds Weigh In On Gildan Activewear

A number of large investors have recently made changes to their positions in GIL. Norges Bank purchased a new position in shares of Gildan Activewear in the 2nd quarter valued at about $101,409,000. Mackenzie Financial Corp increased its holdings in shares of Gildan Activewear by 61.9% in the 2nd quarter. Mackenzie Financial Corp now owns 4,434,020 shares of the textile maker’s stock valued at $218,622,000 after purchasing an additional 1,695,329 shares in the last quarter. Picton Mahoney Asset Management purchased a new position in Gildan Activewear during the 2nd quarter valued at about $65,409,000. The Manufacturers Life Insurance Company increased its holdings in Gildan Activewear by 276.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,769,634 shares of the textile maker’s stock valued at $83,394,000 after acquiring an additional 1,300,121 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Gildan Activewear by 67.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 2,959,555 shares of the textile maker’s stock valued at $131,556,000 after acquiring an additional 1,189,921 shares in the last quarter. Hedge funds and other institutional investors own 82.83% of the company’s stock.

Gildan Activewear Company Profile

Gildan Activewear Inc manufactures and sells various apparel products in the United States, North America, Europe, Asia-Pacific, and Latin America. It provides various activewear products, including T-shirts, fleece tops and bottoms, and sports shirts under the Gildan, Gildan Performance, Gildan Hammer, Glidan Softstyle, Gildan Heavy Cotton, Gildan Ultra Cotton, Gildan DryBlend, Gildan HeavyBlend, Comfort Colors, and American Apparel brands.